QUESTIONS?

ByRegulatory News

July 02, 2018

FED and FDIC announced that they have extended the next resolution plan filing deadline for 14 domestic firms by one year to December 31, 2019. The change in deadline is intended to allow additional time for the agencies to provide feedback to the firms on their last submissions and for the firms to produce their next plan submissions.

Pursuant to the Economic Growth, Regulatory Reform, and Consumer Protection Act (EGRRCPA), firms with less than USD 100 billion in consolidated assets are no longer subject to resolution plan requirements. Separately, pursuant to EGRRCPA, in the next 18 months, FED will determine which firms with more than USD 100 billion but less than USD 250 billion in consolidated assets will be subject to the resolution plan requirement moving forward. The agencies will announce further actions as a result of the new law at a later date.

European Parliament published a report that provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions.